Term Paper on "Project Management NAIJA75 Describe the Major Components"

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Project Management

Naija75

Describe the major components of the strategic management process.

Many organizations develop a strategic management process as a way of defining who they are as a company. This process also provides the opportunity to determine long-term goals and the measures taken to achieve these goals.

Once the organization's mission is in place; strategies will be implemented via selected projects. Regularly evaluating the projects and how they relate to the ever-changing world of business (both within the organization and externally), allows the project manager to gain a clear picture of whether or not the company is maintaining its competitive edge.

How are projects linked to the strategic plan?

Implementing various projects allows the project manager as well as all contributors, to have a tangible, measurable expression of the strategic plan. The ability to measure the projects' success, offers leadership the power to ensure the efficiency of the projects and/or make any necessary changes to the projects and/or the strategic plan.

Why does the priority system described in this chapter require that it be open and published? Does the process encourage bottom-up initiation of projects? Does it discourage some projects? Why?

The priority system is in place to make certain all projects are in line with the organization's goals. It must be open and published so that all involved in the project are on the "same page" and working toward the greater good of the company.

Ultimately leadership has the final say over whether or not a project will be put into operation. Knowing this may discourage some from contributing his/her ideas about projects they believe will be beneficial, but it gives others the drive to communicate a well-thought out proposal.

Discuss the pros and cons of the checklist vs. The weighted factor method of selecting projects.

The checklist method of selecting projects simply differentiates between the objectives that are absolutely crucial to the success of the project and those that will provide benefit but are not necessary. Its simplicity makes it easier for the project team to understand the objectives.

The downside to this uncomplicated method is if a suggestion does not qualify as essential" to overall success, it will be eliminated from consideration.

The weighted factor method, though a more complex system, eradicates inefficient projects while clearly identifying and conveying project goals. This method helps the project manager to comprehend the selection process and how it affects the ultimate outcome.

Chapter 3

What are the relative advantages and disadvantages of the functional, matrix and dedicated team approaches to managing projects?

The functional approach is used when it is the responsibility of one section of the organization to play the leading role in completing the project. This approach makes use of the company's basic structure when deciding on the best methods to complete the project.

With the great flexibility in terms of the use of staff resources, the project manager can elect to use individuals to share his or her expertise for a particular portion of the project then resume his or her primary job functions.

Even though this method appears straightforward and simple to use, there are some disadvantages associated with it.

Due to the fact that each individual contributor has a primary organizational function other than the project, they may be mentally preoccupied with those commitments, which could delay the completion of the project as well as lessen the overall morale of the team.

The matrix approach employs the idea of individuals working on the project and their normal day-today functions simultaneously. Having one leader in charge of the project and another responsible for the daily operation of the company, promotes efficiency, focus and flexibility.

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